What is a credit card? «

What is a credit card?



Credit cards are a form of borrowing in which the card issuer lends money to the cardholder to pay for purchases. Rather than the money being deducted straight from the cardholder’s account (as happens with debit cards), all transactions made with the credit card are added to a credit account, a balance statement for which is released by the card issuer on a regular basis (normally monthly). The cardholder then pays the bill, either clearing the balance (if they can afford to) or making the minimum payment (in which case the cardholder starts charging interest on the outstanding balance until it is paid off in full).

 

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